111 Capital Sells 7,498 Shares of Centene Corporation $CNC

Key Points

• 111 Capital reduced its stake in Centene Corporation by 37.8%, selling 7,498 shares in the second quarter, leaving them with 12,312 shares valued at $668,000.
• Centene's stock ratings show mixed opinions, with three analyststhirteen as a "Hold," and two as a "Sell," alongside an average target price of $38.33.
• CEO Sarah London purchased 19,230 shares at an average price of $25.50 per share, demonstrating confidence in the company despite recent challenges.

111 Capital trimmed its position in Centene Corporation (NYSE:CNC - Free Report) by 37.8% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 12,312 shares of the company's stock after selling 7,498 shares during the quarter. 111 Capital's holdings in Centene were worth $668,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CNC. Invesco Ltd. raised its holdings in shares of Centene by 5.1% during the 1st quarter. Invesco Ltd. now owns 11,091,964 shares of the company's stock worth $673,393,000 after acquiring an additional 536,508 shares in the last quarter. AQR Capital Management LLC raised its stake in Centene by 42.7% during the first quarter. AQR Capital Management LLC now owns 11,049,494 shares of the company's stock valued at $669,820,000 after purchasing an additional 3,306,796 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Centene by 3.1% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 4,810,489 shares of the company's stock valued at $292,045,000 after purchasing an additional 143,573 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Centene by 0.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 4,433,451 shares of the company's stock worth $269,134,000 after buying an additional 28,462 shares during the last quarter. Finally, LSV Asset Management raised its position in shares of Centene by 23.7% during the 1st quarter. LSV Asset Management now owns 4,055,764 shares of the company's stock valued at $246,225,000 after buying an additional 776,331 shares in the last quarter. 93.63% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on CNC shares. JPMorgan Chase & Co. reduced their price objective on Centene from $48.00 to $30.00 and set a "neutral" rating on the stock in a research note on Tuesday, July 29th. Barclays boosted their target price on Centene from $33.00 to $35.00 and gave the company an "equal weight" rating in a research report on Friday, September 12th. Truist Financial raised their price target on Centene from $35.00 to $39.00 and gave the stock a "buy" rating in a research report on Friday, September 12th. Morgan Stanley cut their price objective on shares of Centene from $33.00 to $28.00 and set an "equal weight" rating on the stock in a research report on Monday, August 4th. Finally, Cantor Fitzgerald restated a "neutral" rating and issued a $38.00 target price on shares of Centene in a report on Tuesday, August 26th. Three analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, Centene presently has an average rating of "Hold" and a consensus price target of $38.33.

Insider Buying and Selling at Centene

In other news, CEO Sarah London purchased 19,230 shares of the company's stock in a transaction dated Friday, August 8th. The shares were acquired at an average price of $25.50 per share, with a total value of $490,365.00. Following the transaction, the chief executive officer owned 845,275 shares of the company's stock, valued at $21,554,512.50. This represents a 2.33% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Theodore R. Samuels II acquired 9,000 shares of the firm's stock in a transaction that occurred on Monday, July 28th. The stock was purchased at an average price of $27.62 per share, with a total value of $248,580.00. Following the completion of the acquisition, the director directly owned 32,000 shares of the company's stock, valued at $883,840. This represents a 39.13% increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.36% of the stock is currently owned by corporate insiders.

Centene Price Performance

Centene stock opened at $38.71 on Friday. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.10 and a quick ratio of 1.10. The stock has a market cap of $19.01 billion, a price-to-earnings ratio of 9.58, a price-to-earnings-growth ratio of 1.57 and a beta of 0.48. The firm has a 50-day moving average of $29.98 and a two-hundred day moving average of $45.26. Centene Corporation has a 1 year low of $25.08 and a 1 year high of $73.50.

Centene (NYSE:CNC - Get Free Report) last issued its earnings results on Friday, July 25th. The company reported ($0.16) EPS for the quarter, missing analysts' consensus estimates of $0.23 by ($0.39). The company had revenue of $48.74 billion for the quarter, compared to analysts' expectations of $44.71 billion. Centene had a return on equity of 9.57% and a net margin of 1.15%.The business's revenue was up 22.4% compared to the same quarter last year. During the same period last year, the business posted $2.42 earnings per share. Centene has set its FY 2025 guidance at 1.750-1.750 EPS. On average, research analysts forecast that Centene Corporation will post 6.86 earnings per share for the current year.

Centene Company Profile

Centene Corporation operates as a healthcare enterprise that provides programs and services to under-insured and uninsured families, commercial organizations, and military families in the United States. The company operates through Medicaid, Medicare, Commercial, and Other segments. The Medicaid segment offers health plan coverage, including medicaid expansion, aged, blind, disabled, children's health insurance program, foster care, medicare-medicaid plans, long-term services and support.

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